Robinhood shares soared again on Wednesday, bringing the new public stock trading app to nearly 120% weekly growth.

 

Robinhood is up 65% Wednesday to about $ 77.00 a share. Stocks are currently on hold due to volatility.

 

Robinhood Stock makes up for its failed Nasdaq debut last week. The share price was $ 38 per share, which is the lower end of the offer range. It opened at that price on Thursday, but then fell 8% on the first day and mostly traded below that price until Tuesday, when it rose more than 24%.

 

It is unclear what exactly drove the shares higher on Wednesday; however, the attention of popular investor Katie Wood tends to benefit rising stocks.

 

On Tuesday, ARK Invest Wood acquired 89,622 HOOD shares in the ARK Fintech Innovation ETF, which is approximately $ 4.2 million based on Robinhood's closing price of $ 46.80. This position adds to the roughly 3.15 million shares Wood has bought from Robinhood since the company debuted last week.

 

Robinhood is also gaining attention from retail investors. HOOD is the number one ticker on WallStreetBets tracker Swaggy Stocks, with over 700 mentions on Reddit chat.

 

"Unpopular opinion: Robinhood still has the best mobile experience," says one post with 4600 interactions.

 

"This is the story of order flow payments with cryptocurrencies as a kick-start," Stephanie Link, chief investment strategist at Hightower, said Wednesday in an interview with CNBC's "Squawk Box". “In the second quarter, total revenue was up five to ten percent over the first quarter. But if you look at the payment data for the flow of orders, in the second quarter, that figure fell 23%. So that tells me that the payment for the order flow is very competitive, but the crypto kicker is probably helping Robinhood and they are probably gaining share. "

 

"For all that, it is very expensive. It is difficult to understand the estimate at 11 times the price-to-sales ratio," added Link. Online brokerage Charles Schwab is trading at 7x.

 

HOOD was also one of the most traded stocks on Fidelity on Tuesday.

 

Robinhood is a five-time CNBC Disruptor 50 and topped the list this year.